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deficit at or close to $1 trillion for five straight years. millions of americans are out of work or living in poverty. the highest rates we have seen in a generation. the administration's response seems to be more of the same. more spending higher taxes and record debt. what we can't keep spending money we don't have. we need a new approach. we need an approach that encourages economic growth. the longer we delay fundamental reform. the longer we delay a real recovery. our national debt is weighing down our country like an anchor. it's weighing down our economy. it's making it harder for us to get ahead. the administration claims that if we approve the budget we'll have reduced deficit by 4.3 trillion. this is not true. i want to break it down and they'll show me how. the administration said we reduced deficit by police $2.6. the president is responsible for all the policy enacted before when he was in office for the first two years. if you add back the money for the stimlis, the payroll tax holiday, the 24% increase in domestic spend. total deficit reduction when you net it out
faces significant problems and if we don't address the deficit, i've become more and more convinced that we don't necessarily go gradually and problems that could go precipitously and i say that with reference to 2008 and the crisis that there is, even when things go pretty well, there are some lurking dangers within our economy. one would be interest rates rising. i asked this to people i consider to be smart, big bankers, nature capital centers of the world. can they control just raising keep interest rates below? is there a point at which the central cannot keep pace. interest rate to 7% are when i was a kid, 19% were 21% would be catastrophic with this burden of debt. he seems to work right now, but there is a certain allusion of wealth in the stock market and evolution of the peace we can manage our debt. those are my concerns and because of that, we have to do long-range things. i propose several things since i've come. i propose fixing a security problem. to me it's an actuarial problem. you raise the age gradually 27862 thirds of the social security deficit. fix the remainin
the nation, fiscal deficits cut three percentage gdp became more indebted. similarly per world countries, difficult to turn themselves around. fiscal surpluses. the country in particular the one that really, in 2008 to baggage in the coming out of this record new, two dozen seven, experiencing developing commodity prices. the finance minister, to spend and give it back to the people. resisted the pressure. they said to know, this money is for a rainy day. kent, of course, you know the rest of the story, the financial crisis. the deaths of the financial crisis, billions of dollars that allowed it to have a $4 billion tax growth. that is exactly. fiscal policy. hanson grasshoppers. that is discipline. clarity. the clarity, want to tell you the story. not jamaica, but the tiny elephant. in 1992 barbados faced an enormous financial interest, a potential financial crisis. the u.s., heavily dependent. the exports the rest of the world. in barbados dementia national monetary fund. barbados had what's cled a face to exchange is case the billion dollars. the country command the same way the value
legislation reducing the deficit by $1.2 trillion is required by the budget control act. as a result of that the dod funding for fy2013 was reduced by sequestration and the amount of $41 billion unless congress acts, the fy2014 dod budget will be cut by an additional $52 billion below the funding level which is in the president's budget for fy2014 and also the budget passed by the house and senate of representatives. weekend fix the budget that reduces the deficit by $1.2 trillion over 10 years and that would take a grand bargain including spending cuts and additional revenues. would turn off the automatic spending cuts and sequestration for those 10 years. i remain hopeful we can develop such a bipartisan plan but absent a so-called grand bargain, surely we could devise a balanced deficit reduction package for one year that avoid sequestration in fy2014. we simply cannot continue to ignore the effects of sequestration. sequestration will have a major impact on military personnel. the pay of military personnel has been exempt it will ask them -- for troops including schools, military
to find a bipartisan way to reduce the deficit. thus far, it hasn't worked. we've reduced the debt by doing a number of different things, some $2.5 trillion worth. we've cooperated in that regard. the deep cuts required though by the sequester have failed to bring the republicans to the negotiating table to find more savings or more revenue. even after both the house and senate passed budget resolutions, the house republican leadership has refused to go to conference to work out our differences. republicans have been telling us for a long time that they wanted regular order. and we come to regular order, they don't want regular order. republicans are afraid to even be seen considering a compromise with democrats. and i speak more strongly that the republicans here in the senate are doing their objection here on going to conference more to protect the house because that applies so much more to the house republicans than it does the republicans over here. the republicans over there are afraid to be even seen considering a compromise with us. because republicans have refused to negoti
aancedproach to deficit reduction and strengthen the middle class. as i said, last week our focus in the next little while will be on guns and budget, talked about budget. i will be joined by my colleague, congressman mike thompson of california. congressman thompson is a vietnam vet, a wounded vietnam vet. he is a gun owner, hunter. is the head of our task force on gun violence prevention, and he is a co-author of the bipartisan bill in the house with peter king. to put forth a manchin-toomey compromise that failed, so sadly, in the senate last night. we are so disappointed. our sorrow was expressed so appropriately by president obama last night that i invited mike to join us here to tell you where we go from here and to answer the question that people are saying what can we do to change this. mike, would you speak -- thank you for your leadership. >> thank you, leader pelosi. it's a pleasure and honor to join you, to talk about and to answer any questions that you guys may have on gun violence prevention. -manchin amendment that failefailed last night, as i thk everybody knows. it was every
forward a comprehensive balanced approach to deficit reduction to eliminate the sequester, but this is congress' responsibility. it needs to take action. >> there is a couple of bipartisan group of senators making proposals. senators says the administration has the right to prioritize spending, and the senator suggesting the furloughs are postponed to give congress another chance to revisit sequesteration, other senators, republican and democrat, asking the transportation secretary and head of the faa if they might be able toe move money around. what's your response? >> well, a couple things. one, i think the fact that various lawmakers suggest remedies confirms what i said, which is only taking action to the result of the sequester that republicans insisted take place, but let's be clear about the faa cannot take because of the way the budgets are structured and the way the law imposing the sequester is written. they are required by law to cut about 1 billion dollars between now and end of the september. that's 637 million from the faa. the faa initiated a series of cost
significant problems, and i think if we don't address the deficit, if we don't address it, i've become more and more convinced that we don't necessarily go gradually into problems, that we could go precipitously into a problem. and i say that with reference to 2008 and to the crisis. that i think there is even when things seem to be going pretty well, there is and are some lurking dangers within our economy. one would be interest rates rising. and i ask this question all the time to people i consider to be, you know, smart, big bankers, people in the major capital centers of the world, can we control interest rates and keep interest rates low? is there a breaking point at which the central bank cannot keep interest rates at this point? because interest rates at 5%, interest rates of 7% or when i was a kid, interest rates of 19 president or 21%, i think, would be catastrophic with this burden of debt. seems to work right now, but i also think that there's a certain illusion both of wealth in the stock market and an illusion of the ease at which we can manage our debt. and so those are my con
. thank you for reminding me again. look, economics are fiscal situation, the deficit, the budget, are all threats to the security. there's a lot of physical seen and unseen threats out there that perhaps are different even from when admiral mullen made that comment. i align myself with the economic piece of it. there are just groups out there that threaten us. ? 0. >> thank you. it is important for us, i think to remember the president's budget despite proposing significant tax increases would still contemplate adding $12.db $2.5 trillion head by the total public. .. >> future years covered by the budget control act. will we continue to see budget that is ignore provisions, ignore the sequester provisions? can you expect budgets like that to be sent to congress that don't reflect the law? secretary hagel? >> the fy15 budget we'll present
-called grand bargain we could devise a balance deficit reduction package for one year that avoids sequestration in fy 2014. we simply cannot continue to ignore the effect of sequestration. sequestration will have a major impact on military personnel. though the pay of military personnel has been exempted, the sequester would reduce military readiness in the services for the troops including schools for military children, family support programs and transition assistance programs and mental health and other counseling programs. the president's budget request continues a major drawdown of active duty and reserve strength. we have in recent years given the department numinous force shaping authorities to allow it to reduce its strength in a responsible way ensuring that the services maintain the proper force mix and avoiding grade and occupational disparities, all of which have long term affect. if sequestration continues, the result would be ore pripitous foe structe that is ou of t the requirements of our defense strategy. sequestration has already affected military readiness. we have heard test
the sided search for a piece deficit that i don't think exists. we went to that in the '90s. to undermine the readiness and capabilities to get the arsenal and they are expanding. we should be expanding hours. but to have a significant impact of the capabilities to reach the intelligence community just in time when we need it the most. to be asked about the effects of sequestration of the intelligence community and i have quoted you several times on this and it is very profound. olmec we're cutting real capability and accepting greater risk for intelligence shorter hours for public parks or longer lines at the airports for intelligence it is insidious. the capability you don't know about that until you notice that. you'll notice ny when we have the same" end quote. and i think that is the belief and the reasonthat is in the military is super bear to deal with threats around the world has the intelligence community uses capability.we are making us lese and i look to our witnesses how the current budget cuts accurately assess these threats especially those separate from resources. such talk
Search Results 0 to 10 of about 11